Brookfield scores $330M refi at Greenpoint Landing

MF1 Capital provided loan for 37-story Two Blue Slip

New York /
Jan.January 17, 2022 09:30 AM

Brian Kingston, managing partner & CEO, Brookfield’s Real Estate Group and Brookfield Property Partners, in front of Two Blue Slip in Greenpoint (Brookfield Property Partners, Two Blue Slip, iStock)

The former loan providers of at one Greenpoint Landing development are getting the slip, having their debt retired in favor of a new refinancing.

Brookfield Properties scored a $330 million refinancing of Two Blue Slip from MF1 Capital, the Commercial Observer reported The loan is for a floating rate and has a five-year term.

The debt retires the roughly $217 million construction loan provided in late 2018 by a group of four international lenders, led by Industrial and Commercial Bank of China (ICBC) and the Bank of Nova Scotia (Scotiabank). At the time, that loan refinanced part of a $75 million ICBC loan from 2015, used to acquire the land for One and Two Blue Slip.

A CBRE team including Tom Traynor and James Millon negotiated the financing for the 37-story tower, according to the Observer.

The Handel Architects-designed Two Blue Slip was completed in early 2020 and includes 421 residences, 30-percent of which are affordable. Amenities include a gym with a spin studio, a pool deck, private lounges and coworking spaces.

The tower is part of the larger Greenpoint Landing development, which is slated to bring 5,500 units to the Brooklyn neighborhood in the coming years. Of those units, 1,400 are expected to be affordable, per the Observer. One and Two Blue Slip have already been completed, while work is finishing up at 1 Bell Slip.

In September, Brookfield Property Partners landed $500 million in construction financing for its latest project in Greenpoint Landing. Blackstone Mortgage Trust provided a $400 million senior mortgage for 227 West Street, a pair of 30- and 40-story towers that will bring 745 apartment units online. Blackstone also provided a $100 million mezzanine loan.

Last month, Park Tower Group entered into a joint venture with Rockefeller Group to develop 16 Dupont Street in Greenpoint Landing. Park Tower previously picked up more than 224,000 square feet of development rights at the site from the city for $22.9 million.

[CO] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
    Real estate stocks push up this week as U.S.-China trade tensions ease
    Real estate stocks push up this week as U.S.-China trade tensions ease
    416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
    Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
    Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
    660 Fifth Avenue in Manhattan and Macquarie Group's Shemara Wikramanayake (Brookfield Properties, iStock, Macquarie Group, Illustration by Kevin Cifuentes for The Real Deal)
    Brookfield signs first tenant at 660 Fifth Avenue
    Brookfield signs first tenant at 660 Fifth Avenue
    Major Food Group managing partner Jeff Zalaznick in front of 37 Hudson Yards (Major Food Group, Google Maps)
    Major Food Group bringing members club to Hudson Yards
    Major Food Group bringing members club to Hudson Yards
    A photo illustration of self-storage units (iStock)
    Self storage still rising after pandemic surge
    Self storage still rising after pandemic surge
    Prologis' Heather Belfor (Zoom Info, iStock) Logistics, Warehouses
    Logistics inventory dips to historic low: Prologis
    Logistics inventory dips to historic low: Prologis
    Joseph Chetrit and Larry Gluck with the Yorkshire & Lexington Towers on the Upper East Side (UESMGMT.com, Getty, Gluck Family Foundation)
    Chetrit, Stellar land $714M refi for UES luxury buildings
    Chetrit, Stellar land $714M refi for UES luxury buildings
    Jamestown chairman Christoph Kahl and One Times Square (Jamestown LP, iStock)
    Jamestown lands $425M to bring the metaverse to One Times Square
    Jamestown lands $425M to bring the metaverse to One Times Square
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...